Artist apartment project bonds move to council

The Minneapolis Business, Housing and Zoning Committee on Tuesday approved up to $31 million of tax-exempt multifamily housing revenue bonds for the Northrup King Residential project at 1460 and 1464 Van Buren St. NE.

The income-restricted, affordable housing project will have 84 units and 8,100 square feet of commercial space. The reconstruction is on the Northrup King Campus and will span three of the buildings. It will be housing reserved specifically for artists and their families.

Public documents say 23 of the units will have one bedroom, 35 will have two bedrooms and the remaining 26 will have three bedrooms. Sixteen of the apartments will be affordable at 30% of the area median income, 44 will be affordable at 50% AMI, and 15 will be affordable at 80% AMI.

The project is being put forward by the group Artspace.

This vote is a renewal of bonds that were issued in May 2023, but it requires reauthorization by the city if the project is not closed within one year of the original authorization. The project had been slated to close in 2023, but the extension of the state historic tax credit program and additional funding from the Legislature caused the closing to be delayed, the city’s senior project coordinator, Jamie Radel, said during the meeting.

The City Council will consider the reauthorization Thursday, May 9.

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